Petrosonic Energy, Inc. (OTCMKTS:PSON) Continues To Slide Down in Lack of News
The stock of Petrosonic Energy, Inc. (OTCMKTS:PSON) is having a hard time recently and was sliding down the charts through most of last week. The percentile movements weren’t that big, but the stock is gathering momentum in a southern direction gapping down in almost every session.
It seems that the absence of the paid promoters is taking its toll. The ticker hasn’t been doing well after the big promotional campaign from the beginning of the past month which included video coverages, emails and even colorful brochures filled with the optimistic price targets of Mr. Tobin Smith.
Even though last Monday’s trade session was a blast for PSON as they were traded in volumes double their average, with more than 1 million traded shares, the days that followed weren’t so optimistic.
At first they started to slowly slide down in Tuesday with a very low volume of 182 thousand shares. As trading intensified, however, they started having bigger percentile losses in value and closed the week nested at $0.50.
In Friday they gapped down from the $0.54 of their previous day’s close and opened at $0.511. Even though the trades were almost equally scattered through the day and the intraday chart showed no signs of dumping the volume of stock was above their average with a total of 824 thousand shares that had switched hands in the end of the day, which helped generate a trade value of $401 thousand.
There was little interest in PSON after they posted their Q2 report on August 20 and the stock had small gains in value on little volumes. The lack of news that followed, however, seems to be the culprit behind the recent descent. When you put in the fact that they are no longer promoted there seems to be no sign that things are going to change soon.
The stock will remain risky until any new announcements from the company are made and we advise you to do your due diligence and weigh out all the risks if you have any thoughts of investing in PSON.
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